The Federal Republic of Nigeria is seeking the World Bank’s approval to restructure a $650 million loan allocated to the Nigeria Improved Child Survival Program for Human Capital (ICSPHC).
This is according to the “Restructuring Paper” on the program, which was seen by Nairametrics.
The program is a critical component of Nigeria’s broader health sector reform efforts, designed to reduce the under-five mortality rate from 132 per 1,000 births in 2018 to 79 per 1,000 by 2030.
According to the restructuring paper, this request follows the mid-term review of the project, which highlighted the need for strategic adjustments to better align with the government’s evolving approach to health sector reform, particularly in child and maternal health.
The document read: “This Restructuring Paper seeks the approval of the Country Director to carry out a Level-two restructuring of the Immunization Plus and Malaria Progress by Accelerating Coverage and Transforming Services Project (IMPACT P167156), the first phase of the Nigeria Improved Child Survival Program for Human Capital Multiphase Programmatic Approach (MPA).
“This Level 2 restructuring proposes to (a) revise the components and costs; (b) reallocate funds across disbursement categories; and (c) modify the Results Framework. This is the second restructuring of the IMPACT Project as it was restructured once in July 2021 and revised Component 2 to include financing the construction of the Lagos vaccine Hub.”
It added: “The proposed restructuring is based on the outcome of the October 2023 Mid-Term Review (MTR) and agreements reached as detailed in a letter of request dated March 26, 2024 (Reference No. LF466: FMOFIER-240328) and extensive discussions between the Government and the World Bank regarding the shift in the Government’s approach in the health sector.”
